The president of the united States Donald Trump landed yesterday, a blow to the arsenal of financial regulations imposed after the 2008 crisis by ordering review standards that the banks and Wall Street considered it a corset.
Trump decreed to re-examine the financial regulations Dodd-Frank enacted in 2010 by his predecessor Barack Obama.
These rules were in the crosshairs of the republicans and the financial sector which they considered as a burden for the banks and the consumers.
“Today we are signing the basic principles to regulate the financial system of the united States,” said Trump in the Oval office of the White House. “It is difficult to think of something more important, don’t you?” added.
Shortly before Trump received to entrepreneurs in the White House, and dispatched against the Dodd-Frank act. “We’re going to trim a lot,” I said.
“I have friends who can’t launch businesses because the banks do not want to lend them money because of the rules and controls of the Dodd-Frank act,” he said.
This law created the agency, consumer protection and mainly imposed on banks the obligation to strengthen its capital and to demonstrate annually their ability to cope with financial crises.
With these tests, the law wants to avoid bankruptcy catastrophic as that of Lehman Brothers in 2008.
This law, a behemoth of 2,300 pages, pointing especially to the banks considered “too big to fail” because that would destabilize the entire financial system.
The american association of banks ABA welcomed the determination of Trump. The entity urged to “undertake a reexamination attentive and cautious of the Dodd-Frank act that allows the banking sector to unleash its power.”
Trump made of the removal of regulations, one of the campaign promises more captivating to the economic agents americans.
Any substantial modification of this law needs the backing of Congress and the administration Trump has to favor his Republican party is in the majority in the two chambers.
According to Gary Cohn, director of the economic council of the White House and former number 2 of the bank Goldman Sachs, eliminating regulations is not to do a favour to the banks.
“has nothing to do with (the banks), JPMorgan, Citigroup and Bank of America,” he said.
“The banks should be able to set prices more efficiently and, in consequence, better for consumers,” he said in an interview with the Wall Street journal.
Trump signed another decree pointing to the obligation of financial advisers to act in the benefit of their customers. That rule would start to apply in April but will be postponed until the conclusion of their review.
“to Go against that rule shows that the administration Trump is on the side of Wall Street,” said the NGO Public Citizen.
democratic senator Charles Schumer said that Trump “is allowing the banks to do your route map”. He assured that the democrats will do “everything in their power” to not repeal the Dodd-Frank act, which, on the other hand, owes its name to the two congressmen of that party that impelled it.
The law is not a matter of concern only to the republicans.
Patrick McHenry, financial services committee of the Senate, demanded that the president of the Federal Reserve (Fed), Janet Yellen, withdraw from any negotiation of regulations, whether within the united States as well as in Basel (forum of central banks).
look. The contractor shall sample the decree to the rubricarlo.
You are the 60,000 visas cancelled
About 60,000 visas issued to citizens of seven muslim-majority countries were cancelled by the decree of the president Donald Trump barred entry to the united States, The order of Trump, issued on Friday of last week, prohibit temporarily the entry of citizens of Iran, Iraq, Syria, Sudan, Somalia, Libya, and Yemen. Also temporarily suspended the refugee program of the united States. Will Cocks, spokesman for the State Department, said that the U.S. issued “more than 11 million immigrant visas and non-immigrant in 2015″ by which, according to his interpretation, the percentage of cancellations is not so high.
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